Daily Current Affairs – December 08, 2023
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Daily Current Affairs - Banking - December 08, 2023
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National News
Indian Art, Architecture & Design Biennale (IAADB) 2023
- Prime Minister Narendra Modi will inaugurate the first Indian Art, Architecture & Design Biennale (IAADB) 2023 being held at Red Fort.
- During the programme, Prime Minister will also inaugurate Aatmanirbhar Bharat Centre for Design at Red Fort and the student Biennale- Samunnati.
- It was Prime Minister’s vision to develop and institutionalise a flagship Global Cultural Initiative in the country like the International Biennales at Venice, Sao Paulo, Singapore, Sydney and Sharjah, among others.
- In line with this vision, a nationwide campaign to reinvent, rebrand, renovate and re-house museums was launched.
- Further, development of cultural spaces in five cities of India namely Kolkata, Delhi, Mumbai, Ahmedabad & Varanasi was also announced.
- Indian Art, Architecture & Design Biennale (IAADB) will serve as an introduction to the Cultural Space at Delhi.
- It also follows key initiatives like the International Museum Expo (May 2023) and Festival of Libraries (August 2023) that were organised recently.
- IAADB is designed to initiate a holistic conversation between artists, architects, designers, photographers, collectors, art professionals and the public to strengthen the cultural dialogue.
- It will also provide avenues and opportunities to expand and collaborate with the creators of art, architecture and design as part of the evolving economy.
Schemes
Prime Minister Modi’s Development Initiative or North East Region (PM-DevINE)
- Prime Minister’s Development Initiative for North Eastern Region (PM-DevINE), was announced as a new Central Sector scheme, with 100% Central funding, in the Union Budget 2022-23 with initial list of seven projects and an initial allocation of ₹1500 crores.
- The approval of the Cabinet was accorded for the PM-DevINE scheme on 12 October,2022.
- The scheme has an outlay of ₹6,600 crores for the 4 years period from 2022-23 to 2025-26 (remaining years of the 15th Finance Commission period).
- The objectives of PM-DevINE scheme are to: (i) fund infrastructure convergently, in the spirit of PM GatiShakti; (ii) support social development projects based on felt needs of the NER; (iii) enable livelihood activities for youth and women; and (iv) fill the development gaps in various sectors.
- Keeping in view the objectives of the scheme, eleven projects amounting to ₹ 1503.44 crores including the seven projects announced in Budget 2022-23, have been selected for sanction in FY 2022-23 and an amount of ₹121.10 crores has been disbursed.
- State-wise, project wise list of projects approved during FY 2022-23.
‘AMA bank’ scheme by Odisha
- Chief Minister Naveen Patnaik introduced ‘AMA Bank’ service in the state’s gram panchayats where banks do not have branches.
- There are no bank branches in 4373 of the state’s total 6798 Gram Panchayats.
- The project would provide 15 bank-related services to people of 4373 villages that do not have bank facilities.
- Under this initiative, the government intends to give banking services to all unbanked panchayats by March 2024.
- For the next five years, the state will give housing, electricity, internet, and other required services to banks in the aforementioned panchayats.
- Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Raghubar Das (Governor) – Odia (Language)
Banking and Finance
RBI cancelled license of UP-based Urban Co-op Bank
- The Reserve Bank of India (RBI) has cancelled the licence of Urban Co-operative Bank (UCB), Sitapur, Uttar Pradesh.
- RBI said the bank ceases to carry on banking business, with effect from the close of business on December 07, 2023.
- On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- As per the data submitted by the bank, 32% of the depositors are entitled to receive full amount of their deposits from DICGC.
- Deposit Insurance and Credit Guarantee Corporation (DICGC) – 1978 (Founded) – Mumbai (HQ) – M.D. Patra, Deputy Governor of RBI (Specialised Division) executive
December bi-monthly monetary policy
- The Reserve Bank of India decided to keep the policy rate unchanged at 5% for the fifth time in a row as it maintains a tight vigil on inflation.
- It also announced to raise the UPI payment limit to hospitals and educational institutions to ₹5 lakh from ₹1 lakh presently and hiked the cap for e-mandates for recurring payments to ₹1 lakh.
- The central bank will come out with a unified regulatory framework on connected lending for all regulated entities given that the “extant guidelines on the issue are limited in scope and are not applicable uniformly to all regulated entities.”
- RBI had also proposed setting up a fintech repository to capture essential information about fintechs, encompassing their activities, products, technology stack and financial information.
- RBI had also proposed to exempt the requirement of additional factor authentication (AFA) for recurring transactions up to ₹1 lakh for subscription to mutual funds, payment of insurance premiums and payments of credit card bills.
- This will be helpful to users who regularly use UPI for their SIPs and credit card bills as these transactions will now be automated and will not require their intervention every month to process payment of insurance premiums and payments of credit card bills.
- And also announced that banks are allowed to reverse their liquidity through standing deposit facility and marginal standing facility, even on weekends and market holidays and the move will come into effect on December 30, 203.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Agreements and MoUs signed
Indian Bank Association (IBA) signed MoU with bank employee unions
- The Indian Bank Association (IBA) and bank employee unions have signed a memorandum of understanding on wage revision, through which annual increase in salary and allowances has been agreed at 17% for five years, effective November 2022.
- Annual increase in salary and allowances is agreed at 17%, of the annual pay slip expenses for FY 2021-22, which works out to ₹12,449 crores for all public sector banks including SBI (State Bank of India).
- The new pay scales will be constructed after merging dearness allowance corresponding to 8088 points (average Index point as applicable for the Quarter of July, August and September 2021) to the basic pay as on October 31, 2022, and adding thereon a loading of 3%, amounting to ₹1795 crores.
- On the other hand, based on the agreement, the distribution of annual wage increases between workmen and officers will be worked out separately and proportionately based on the breakup of establishment expenses for FY 2021-22.
- Indian Banks’ Association (IBA) – 26/09/1946 (Formed) – Mumbai – 247 banking companies
Asian Infrastructure Investment Bank (AIIB) signed MoU with United Nations Development Programme (UNDP)
- The Asian Infrastructure Investment Bank (AIIB) and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) to strengthen collaboration in promoting sustainable infrastructure development and address development challenges in Asia and beyond.
- The AIIB-UNDP agreement recognizes the two parties’ shared objectives in supporting national climate goals and the 2030 Agenda through financing sustainable development initiatives in common members of operations.
- Under the MoU, AIIB and UNDP plan to co-invest and leverage multilateral funding and private financing in developing countries, collaborate on measuring the impact of investments for climate goals and the SDGs and pursue joint technical assistance and exploration of innovative derisking instruments, knowledge sharing, joint advocacy and policy support work.
- Asian Infrastructure Investment Bank (AIIB) – 16/01/2016 (Founded) – Beijing, China (HQ) – Jin Liqun (President) – 109 member countries
- United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)
Gujarat government signed MoU with Airports Authority of India (AAl)
- The Gujarat government has joined hands with Airports Authority of India (AAl) for the development of airports in the state in Gandhinagar, Gujarat.
- The MoU was signed by NV Subbarayudu, Executive Director (SIU) on behalf of the Airports Authority of India (AAl) and Parulben Mansata, CEO, Gujarat State Aviation Infrastructure Company Limited (GUJSAIL).
- As per reports, AAI will help facilitate the expansion of tourism and business opportunities in the state.
- Under this collaboration, Gujarat government will provide the required land for development and expansion of the airports and AAl will undertake development of the identified airports based on the techno-economic feasibility, in phase wise manner.
- Airports Authority of India (AAI) – 01/04/1995 (Founded) – New Delhi (HQ) – Sanjeev Kumar (Chairman)
Summit and Conference
Uttarakhand Global Investors Summit 2023
- The Prime Minister Narendra Modi inaugurated the ‘Uttarakhand Global Investors Summit 2023’ being held at Forest Research Institute, Dehradun, Uttarakhand.
- The two-day summit aims to promote the hill state as a major investment destination.
- He also launched a book Sashakt Uttarakhand and the brand House of Himalayas.
- The theme of the Summit is ‘Peace to Prosperity’.
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Appointments
New Cabinet Ministers
- Arjun Munda, Union Tribal Affairs Minister was assigned the charge of the Minister of State in Ministry of Agriculture and Farmers Welfare, in addition to his existing portfolio.
- Shobha Karandlaje, Minister of State, was assigned the charge of the Minister of State in Ministry of Food Processing Industries, in addition to her existing portfolio.
- Rajeev Chandrasekhar, Minister of State, was assigned the charge of the Minister of State in Ministry of Jal Shakti, in addition to his existing portfolios.
- Bharti Pravin Pawar, Minister of State, was assigned the charge of the Minister of State in Ministry of Tribal Affairs, in addition to her existing portfolio.
Awards and Recognitions
National Award for Empowerment of Persons with Disabilities-2023
- ‘Best Personality- Empowerment of Differently-abled’ was awarded to Prashant Agrawal, President of Narayan Seva Sansthan, in recognition of his outstanding work in the field of empowerment of persons with disabilities.
- ‘Best Employer for Persons with Disabilities’ was awarded to Apte Subhash as the Best Professional in Rehabilitation and recognized Amazon India.
Singapore’s highest arts accolade
- Eighty-one-year-old Punjab-origin writer Meira Chand was among the three Singaporeans conferred the Cultural Medallion, the city-state’s most prestigious arts accolade, in recognition of their artistic excellence and contribution to enriching the country’s arts and culture scene.
- Chand, fellow novelist Suchen Christine Lim and Malay dance veteran Osman Abdul Hamid received the award from President Tharman Shanmugaratnam at a ceremony held at the Istana.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Tharman Shanmugaratnam (President) – Lee Hsien Loong (Prime Minister) – Malay (Language)
Lakshmipat Singhania – IIM Lucknow National Leadership Awards
- The President of India, Droupadi Murmu presented the Lakshmipat Singhania – IIM Lucknow National Leadership Awards in New Delhi.
- Lakshmipat Singhania – IIM, Lucknow National Leadership Awards are held in honour of the legacy and vision of the late Lakshmipat Singhania, a pioneering industrialist.
- The awards are an annual acknowledgment of outstanding and transformational leaders who have taken concrete steps that have led progress in India.
Important Days
Armed Forces Flag Day 2023
- Armed Forces Flag Day or Flag Day in India is celebrated every year on December 07 since 1949 to pay tribute to martyrs in Indian Army, Navy, and Air Force, and other defence forces who lost their precious lives while serving the country.
- This day is also dedicated to recognize and honour the families of Indian Forces who lost their dear ones in the line of duty.
- On 28 August 1949, the Ministry of Defence officially declared 7 December as Indian Armed Forces Flag Day.
Bodhi Day 2023
- Bodhi Day is annually observed on December 08.
- The Day is the Buddhist holiday that commemorates the day that Gautama Buddha (Shakyamuni) is said to have attained enlightenment, also known as bodhi in Sanskrit and Pali.
- Bodhi Day is annually observed on December 08.
- The Day is the Buddhist holiday that commemorates the day that Gautama Buddha (Shakyamuni) is said to have attained enlightenment, also known as bodhi in Sanskrit and Pali.
Daily Current Affairs - December 08, 2023 - Consolidated
- Indian Art, Architecture & Design Biennale (IAADB) 2023
- Prime Minister Modi’s Development Initiative or North East Region (PM-DevINE)
- ‘AMA bank’ scheme by Odisha
- RBI cancelled license of UP-based Urban Co-op Bank
- December bi-monthly monetary policy
- Indian Bank Association (IBA) signed MoU with bank employee unions
- Asian Infrastructure Investment Bank (AIIB) signed MoU with United Nations Development Programme (UNDP)
- Gujarat government signed MoU with Airports Authority of India (AAl)
- Uttarakhand Global Investors Summit 2023
- New Cabinet Ministers
- National Award for Empowerment of Persons with Disabilities-2023
- Singapore’s highest arts accolade
- Lakshmipat Singhania – IIM Lucknow National Leadership Awards
- Armed Forces Flag Day 2023
- Bodhi Day 2023
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